The equilibrium exchange rate is a concept that has generated a proliferation of theoretical and empirical research. It has its roots in seminal work that defines it as the exchange rate that is consistent with the simultaneous achievement of internal and external balance (Artus, 1977; Williamson, 1985). Internal balance is that level of economic

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India’s exchange rate has evolved across several regimes spanning over 130 years. These regimes, i.e., formal frameworks with objectives and instruments mapped to them cover the gold exchange standard (1893-1946), the Bretton Woods par value system (1947-1971), the pegged basket-of-currencies regime (1975-1990), a transitional dual exchange rate

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